New Horizons

Great , you have just entered into a financial arrangement and started to regain control of your finances. We know that dealing with your finances can be difficult that’s why we have our Frequently Asked Questions section for you to find out all you need.

If you can’t see your question below just fill in the form with what you want to know and we will respond shortly. This is an area designed to give you access to tools and information that will help you progress through your arrangement. We will be continuously putting more information onto this page for you to meet your demands.

After discussing with your advisor about your circumstances they will have worked with you to establish the facts of your case. So the more detailed your answers the quicker your advisor is able to work to set up a solution for you.

Once your proposal has been signed, Creditfix will notify all creditors enclosing a copy of the IVA proposal and will ask them to vote to accept or reject the proposal by a date and time no more than 28 days from the date we receive the signed proposal from you. There will not be a physical meeting of your creditors but they can call and ask questions at any time up to the deadline specified in our notice to them.

At least 75% of the creditors who vote must be in approval of the arrangement for it to become approved. If creditors want further information before voting or if we want to chase up additional votes, we can extend the deadline by up to two weeks.

Once your Trust Deed has been signed, Creditfix will register your information on the Insolvency Register and notify all creditors enclosing a copy of the TD. Creditors have a period of 5 weeks from the date of registration to lodge any objections.

If the majority of creditors in number or 2/3 of those representing the total debts agree your Trust Deed will gain ‘Protected’ status.

A modification is an amendment made by your creditors to your original proposal. For example your creditors may request that Creditfix restrict their fees or that you downgrade your vehicle, if it is deemed to be excessive.
You will be asked to agree to any modifications initially over the phone. A copy will then be sent to you for signing

This can take up to 8 weeks from the date of approval for the required documentation to filter through to the relevant departments with the Creditors Company so the hassle should stop after this point.

To qualify for debt write off in an IVA with Creditfix, you must have a minimum of £6000 of qualifying unsecured debt owed to two or more creditors. A debt write off amount of between 25% and 75% is realistic, however the debt write off amount for each customer differs depending upon their individual financial circumstances and is subject to the approval of their creditors.